Mortgage Interest Rates Down Slightly

Mortgage interest rates remained at about the same levels as last week, edging downward slightly according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending November 1st.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages edged lower with the 30-year fixed rate averaging 3.39 percent with an average of 0.7 points, down from an average of 3.41 percent last week. It was the 32nd consecutive week that mortgage rates have been under four percent. A year ago, the 30-year fixed rate mortgage averaged 4.00 percent.

Average 30-year rates remained the lowest in the Western portion of the United States while the highest rates were reported in the Northeastern and Southeastern areas of the country.

The 15-year fixed rate mortgage averaged 2.70 percent with an average of 0.7 points, down from an average of 2.72 percent last week. Mortgage rates for the 15-year fixed mortgage have been under three percent for 22 consecutive weeks. At this time last year, the 15-year fixed rate mortgage averaged 3.31 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages also edged downward with the 5-year Treasury-indexed hybrid ARM averaging 2.74 percent, with an average of 0.6 points, down from an average of 2.75 the previous week. The 5-year adjustable rate mortgage averaged 2.96 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.58 percent with an average of 0.4 points, down from 2.59 percent last week. A year ago, the 1-year adjustable rate mortgage averaged 2.88 percent.